Box 356, Kingstown St. Vincent West Indies. Sayed Abdel-Fadil, Head of the Central Department for Finance at Egypt’s Financial Regulatory Authority (FRA) has revealed two potential Sukuk offerings to take place in the first quarter of 2021 (1Q 2021), according to local media reports. (18) of 2019 regulating the "use of cashless payment methods." Africa is an important place for Egypt to access: chairperson of Financial Regulatory Authority African stock exchanges scored just 6 places in the latest competitiveness report Daily News Egypt 159 of 1981, and the Capital Market Law No. Looking back to those years, we remember the magnitude of the drastic turnarounds in the sector. EGYPT: Egypt’s Financial Regulatory Authority has formed a new board of trustees, chaired by FRA Chairman Mohamed Omran. It also necessitated setting a regulatory and supervisory framework for several financial instruments, developing new instruments and activities, such as financial leasing, factoring, microfinance, and the Egyptian Collateral Registry, along with preparing for the launch of much-awaited activities including consumer finance, futures markets, and crowdfunding. Hence, a comprehensive strategy for the non-banking financial sector was developed for the period 2018–2022, in an effort to build a state-of-the-art economy able to effectively realise sustainable development plans and accomplish Egypt’s Vision 2030. Relatedly, FRA set up plans to streamline an attractive climate for sustainable and green investments, sustain investor confidence to invest in green projects in an attempt to create communities capable of formulating sound investment decisions. REGULATION WATCH- The Financial Regulatory Authority (FRA) issued regulations governing the issuance and listing of sukuks, the market regulator said in a statement. This was guided by the decisions issued by the Financial Regulatory Authority to increase the scope of disclosure, transparency, and the efficiency of regulatory framework for corporate governance, and minority shareholders’ protection. Financial Services Regulatory Authority. This merger was unquestionably an excellent strategic decision; it illustrated a far-sighted vision, which led Egypt to be a pioneer emerging country in merging the supervisory authorities of the non-banking financial sector under one umbrella. Sponsored Links by DQ Promote. Refinitiv research team update company information from primary sources (company annual reports, press releases, company websites, corporate briefings, official statements/interviews) and reliable secondary sources (stock markets, reliable third party publications). The non-banking financial sector’s regulator recently created a new independent sustainability department, in addition to holding meetings with FRA’s employees to spread the knowledge about the concept of sustainability and shed the light on its principles, goals, and plans for its applications. These efforts led to bagging a slew of international recognition and awards, where Egypt, represented by FRA, won the membership of the International Organisation of Securities Commissions (IOSCO) Board, retaining its seat for the third consecutive period (2018–2020). The board comprises FRA deputy chairperson Reda … We look forward to achieving more, as great aspirations are futile if unbacked by greater endeavours. On the other hand, Egypt’s 2014 constitution marked another milestone in view of granting FRA an unprecedented autonomy. Furthermore, FRA pays considerable attention to foster its national and international presence. Our role is not limited to supervision, but we have focused on creating favourable environment for investment, a one that is open to developments and capable of building bridges to communicate with stakeholders. 6th Floor Francis Compton Building Waterfront, Castries St. Lucia W.I. SAUDI ARABIA: Dr Abdulrahman Ibrahim Al Humid, Bank Albilad’s board chairman, passes away . In accordance the Companies Law and the Capital Market Law, all companies must prepare annual financial statements following the financial reporting requirements specified by a decree of the Minister of Economy. This website uses cookies to improve your online experience. 95 of 1992.. Accounting Framework. As we come to the end of the first decade, we had to launch a new roadmap for the non-banking financial sector. As gratitude is the sign of noble souls, appreciation is extended to our predecessors, those who paved the way for us, and to each colleague at various levels, who exerted strenuous efforts in the previous years to be where we are now. The Egyptian Financial Supervisory Authority (EFSA) Overview The Egyptian Financial Supervisory Authority is a public Authority, having a constitutional and legal status, established in accordance to law 10 of the year 2009 to regulate the non-banking financial markets sector and Limiting the inconsistency risks and the addressing SINGAPORE: Sabana REIT records gross revenue decline by 5.5% to SG$37.4 million (US$28.29 million) for second half of 2020. This placed a further supervisory burden on FRA to maintain the stability of the non-banking financial sector, make it able to mitigate the severity of external jolts, and boost Egypt’s economic growth and sustainable development. Copyright © 2021 Zawya. Have news to share? Egypt’s Financial Regulatory Authority Calls for Electronic Voting and Digitizes Services in the Wake of COVID-19 Published: Mar 19, 2020 Further precautionary measures are being taken by the Egyptian authorities to limit the spread of the Coronavirus disease (COVID-19). Egyptian Financial Supervisory Authority | 3,267 followers on LinkedIn. Contact us by web chat, email, phone or post: Financial Conduct Authority. Email: fsra@govt.lc Tel: (758) 468-2990 Fax: (758) 451-7655 Financial Regulatory Authority Official Website : Click To Visit Customer Protection Guide Brochure Customer Protection Guide 5th Floor Ingcamu Building, Mhlambanyatsi Road, P.O. Factored receivables have grown to almost EGP 50 billion in 2019, compared to EGP 2 billion in 2009, an increase of 25 folds. Investments of private insurance funds also grew threefold, recording EGP 75 billion, compared to EGP 24 billion in 2009. According to this guide, companies and entities operating in the field of non-banking financial activities are obliged to comply with the principles set out in the guide, and to take all the necessary measures to publish this guide and educate their customers of their rights and obligations. 12 Endeavour Square. It was a key step toward upgrading markets’ supervisory and functional performance, developing market instruments, as well as accentuating the growing importance of the non-banking financial sector. About Egypt       - FRA announces that a public auction will be held to sell or lease premises owned by the Authority, these which are located at B137 building in Smart Village , Al-Bahr Al-Azham Street in front of the Pharaonic Village (first floor after the ground) and Emad Eldeen St. ( second and fourth floor). FRA has also engaged sustainability principles in its operation, investment, and management by turning sustainability into culture, daily practice, and one of the decision-making tools within non-banking financial institutions through ratcheting up sustainability standards in the sector. The Prudential Regulation Authority (link is external) (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. Moreover, loans granted to microfinance beneficiaries hiked to around EGP 15 billion, as opposed to EGP 4.5 billion in 2016. You can change your cookie settings through your browser. Physical address 21 Abd El-Aziz Al Soud Street, EL-Manial, Cairo, Egypt. Today as we celebrate, we are pleased to see the development in the non-banking financial activities over the previous ten years, where Egypt’s capital market showed a considerable growth in the value of securities issues (founders’ and capital-increase shares), which recorded over EGP 1 trillion. Box 3365, Mbabane, H100, Eswatini. Email: info@svgfsa.com Telephone: (784) 456-2577 / (784) 457 2328 / (784) 485 6031 Financial leasing contracts reached EGP 200 billion, since starting the Leasing activity to date, compared to EGP 3.6 billion in 2009. FRA also signed a memorandum of understanding (MoU) with the Central Bank of Egypt’s (CBE) Money Laundering Combating Unit (EMLCU) and the Ministry of Communications and Information Technology (MCIT) in an effort to step up Fintech cooperation according to the remit of each party, which in turn helps start-ups and entrepreneurs iron out supervisory and legal obstacles. ... Email Address . We deploy deep expertise, leading technology and extensive market intelligence to serve as the first line of oversight for the brokerage industry - all at no cost to taxpayers. London E20 1JN FINRA enables investors and firms to participate in the market with confidence by safeguarding its integrity. Sstainable Insurance Forum JURISDICTION: EGYPT AUTHORITY: FINANCIAL REGULATORY AUTHORITY (FRA) Background The Financial Regulatory Authority (FRA) was established by Law no. However, placing walls is a sine qua non in building a bridge to curb irregularities and wrong practices, which dent soundness and stability of the non-banking financial sector. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. https://dfsobservatory.com/content/list-national-regulatory-authorities 10 of 2009. , Cairo, Egypt ’ s board chairman, passes away institutional structure for the non-banking sector... 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